Term life insurance is considered the cheapest type of life insurance because its premiums are quite low when compared with permanent life policies. Affordable life insurance or the term life insurance is hot seller among all types of insurance. The rates offered to different buyers differ according to the individual case.

Generally speaking, the four criteria that all insurance companies follow to determine the insurance policy rates to potential policy holders are age, health, lifestyle aspects and history of illnesses in the family. It is important to buy insurance early in life because young people are offered low rates of insurance owing to their longevity. Younger policy holders are expected to live for longer hence lowering the financial risk assumed by the insurance company. The health of the individual has a huge role to play in determining the insurance rates to be offered because if the applicant enjoys good health and does not suffer from any serious health condition then their life expectancy is more and lower is the risk faced by the insurer in term of paying the benefits.

Experts suggest that you take good care of your health and get check up done regularly. Before you apply for insurance make sure that you get treated for any illness which you might have. Also if you have undergone any surgical procedure in the recent past, make sure you have all the authorized papers and testimonials from your doctors showing you to be making good progress in terms of improvement in health. Nicotine users or cigarette smokers pay more premiums than non smoking populace because they are more likely to suffer from cancers, cardiovascular diseases and such serious diseases. Quit smoking well in time or at least a year before applying for insurance so that your blood test reveals no nicotine and thus you can qualify for non smoker rates.

When it comes to family history of illness, there is not much you can do and you can not change it either. So work with what is in your hands and what you can control. Get is good shape physically, lose the excess weight, get the cholesterol level, sugar level etc. in order. This can be done by exercising regularly and following a healthy disciplined lifestyle.

The lifestyle factors such as your hobbies, recreational activities, conditions at the workplace and driving record also have a say in the rates which you would be offered when purchasing insurance. Individuals who indulge in potentially life threatening sports and activities are offered higher rates considering the risk factor, people who work in hazardous conditions also qualify for expensive insurance and those with less than perfect driving record or those with cases of DUIs registered also have to pay more premiums on the life insurance as compared to safe drivers.

The insurance applicants have to take a complete physical or medical examination which assists the insurance company in ascertaining the rates to offer. A lot of people who want to purchase insurance are uncomfortable and some are even petrified with the idea of a medical examination which involved giving blood samples and undergoing x-rays. These people can purchase instant term life insurance. This type of the term policy takes very little time to process and you don’t have to get physically tested either. Answering a couple of questions is all that is required of the person. These questions must be answered with total honesty and truth. The processing time by instant term life policies is very less and owing to this factor they are getting quite popular among insurance buyers.

Gather a couple of life insurance quotes from different insurance companies before making a decision on buying a policy from a particular insurer. Find out the coverage offered in your specific case and the rates applied. Also researching on the various beneficial riders or add-on which you can attach to your policy would be good idea. The charges and processing fees on the insurance must be compared. Check the insurance company’s financial ratings so that you can get an idea on the stable financial condition and payout record of the company you would buy insurance from. A.M. Best and Standard and Poor are two such independent agencies which rate the insurers.

Author Bio: Article by David Livingston of EQuote.com, a website with the best life insurance rates and cheap life insurance rates information in the country.

Category: Finances
Keywords: affordable term life insurance, life insurance no exam